Several Teck Resources Ltd shareholders called on Wednesday for Glencore Plc to sweeten its takeover bid for the copper-and-zinc miner, saying the offer is still not high enough for them to oppose Teck's own restructuring plan.
to sweeten its takeover bid for the copper-and-zinc miner, saying the offer is still not high enough for them to oppose Teck's own restructuring plan.for Teck last week was the latest in a wave of buyout offers across the mining sector, fueled in part by global opposition to new mine construction and rising demand for copper, a metal key to the green energy transition.
Glencore Chief Executive Gary Nagle is flying to Toronto to meet with some Teck shareholders on Thursday to"The cash component is an improvement, but a higher bid would be required for me to consider changing my vote," said Todd Kapala of Addenda Capital Inc, which holds about 710,000 Teck shares.Another Teck investor said Glencore's offer still did not reflect the expected future value of a company that could become one of the world's largest copper producers.
"The premium doesn't seem sufficient for me to get excited, considering where Teck is headed," said Jonathan Case of CI Global Asset Management, which holds nearly 5 million Teck shares, or about 1% of the company's free float. Teck owns several copper deposits that it can develop into mines, a rarity across the mining industry, Case added.A London-based investor holding 700,000 Teck shares said delaying the vote would be a hard sell to shareholders based the current Glencore offer price, even with the cash component.
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